分析一家公司的財務狀況可以用以下財務比例來作分析。但是我們必須記得，財務比例只能幫我們問對問題，沒有辦法告訴我們答案。他們也有其限制，包含：
1. 我們無法單獨看一個財務比例數字，這些數字必須跟同行的其他公司比或者是跟同公司的歷史數據去做比較
2. 跟其他公司比較的時候，必須要確認兩家公司所使用的會計準則是否一致
3. 不同產業的公司沒有辦法直接作比較
4. 不可以只看一個比例就妄下投資決定，必須嚴格仔細看過所有的財務比例
5. 財務比例通常都是定義為一個區間
所以我們再做分析的時候，必須不斷的問自己以下幾個問題
1. 拿來比較的公司是否使用同樣的會計準則
2. 當我們比較同公司之內不同部門的績效時，這些比例是否通用
3. 這些比例的計算方式是否一致
4. 在任一產業內，這些比例是否合理
財務比例可以分為以下幾種五大類：
1. Activity Ratio（運用效能）：這個比例告訴我們公司如何運用其存貨以及固定資產
l Receivable Turnover = annual sales / average receivables
l Days of sales outstanding = 365 / receivables turnover
l Inventory turnover = cost of goods sold / average inventory
l Days of inventory on hand = 365 / inventory turnover
l Payables turnover = purchases / average trade payables
l Number of days payables = 365 / payables turnover ratio
l Total asset turnover = revenue / average total assets
l Fixed asset turnover = revenue / average net fixed assets
l Working capital turnover = revenue / average working capital
2. Liquidity Ratio（流動比例）：這個比例告訴我們，公司償還短期債務的能力
l Current Ratio = current assets / current liability
l Quick ratio = (cash + marketable sec + receivables) / current liability
l Cash ratio = (cash + marketable sec) / current liability
l Defensive Interval = (cash + marketable sec + receivables) / avg daily exp
l Cash conversion cycle = days sale outstanding + days of inventory on hand – days of payables
3. Solvency Ratio（長期償債能力）：告訴我們公司的財務槓桿狀況以及償還長期負債的能力
l Debt-to-Equity = total debt / total shareholder’s equity
l Debt-to-Capital = total debt / (total debt + total shareholder’s equity)
l Debt-to-Assets = total debt / total assets
l Financial leverage ratio = avg total assets / avg total equity
l Interest coverage = earning before interest and taxes / interest payments
l Fixed charge coverage = (EBIT + lease payments) / int payment + lease payment
4. Profitability Ratio（獲利能力）：公司從其營業活動中產生營業利益的能力
l Net profit margin = net income / revenue（只需看繼續營業部門，太低要注意）
l Gross profits = net sales – COGS
l Operating profits = earnings before interest and taxes = EBIT
l Net income = earnings after taxes but before dividends
l Total capital = long term debt + short term deb + common and preferred equity
l Total capital = total assets
l Gross profit margin = gross profit / revenue（太低要注意）
l Operating profit margin = operating income / revenue（EBIT / revenue）
l Pre-tax margin = EBT / revenue
l ROA（Return on Assets）= EBIT / average total assets（平均一元資產可以幫公司賺多少淨利）
l ROE（Return on Equity）= net income / average total equity（平均一元股本可以幫股東賺多少淨利）
5. Valuation Ratio（市場價值）：評量公司價值的比例，比方說每股盈餘…等等
l Price-to-earning ratio
l Price-to-cash flow ratio
l Price-to-sales ratio
l Price-to-book value ratio
l Earnings per share (EPS)
杜邦分析系統把 ROE 分解成三個比例或五個比例，讓分析師可以很清楚的看出不同比例對 ROE 的影響，經理人也可以專心提升某一個比例來提升股東權益報酬率
1. 杜邦分析三部曲
l ROE = net income / equity =>
l ROE = (net income / revenue) * (revenue / equity) =>
l ROE = (net income / sales) * (sales / assets) * (assets / equity) =>
ROE = (net profit margin) * (asset turnover) * (leverage ratio)
2. 杜邦分析五部曲
lROE = net income / equity =>
lROE = (net income / revenue) * (revenue / equity) =>
lROE = (net income / EBT) * (EBT / EBIT) * (EBIT / revenue) * (revenue / total assets) * (total assets / total equity) =>
ROE = (tax burden) * (interest burden) * (EBIT margin) * (asset turnover) * (leverage ratio)
